Direct Choice is a free loan comparison provider for three fields mainly. They offer no obligation, hassle free comparisons for loans, short term insurance and direct life insurance. They have some pretty solid advice when comparing online loans! Have a read of these tips below:
1. Make sure the loan you are considering will suit your needs.
The pay back period of a loan shouldn’t outlast the lifetime or impact of the need you are financing.
2. A personal loan is for exactly what it says. It’s personal.
You may spend it on whatever you wish. If it is to settle credit card debt or other bills you may use it as such.
3. Draw up a personal budget. Loans need to be managed.
Know your income and expenses to plan the successful repayment of your loan.
4. Choosing a loan with a fixed interest rate has a benefit.
When interest rates are raised, your loan’s interest rate and subsequently the monthly instalment will remain the same. This helps your cashflow and budgeting.
5. Take time to grasp the costs and conditions of the loan before you sign on the dotted line.
Online loans may have conditions like penalties for late payments.
6. Research your prospective lender.
If they are not registered with the bodies the National Credit Act enforces, it’s in your best interest to consider another credit provider.
7. Choose to consolidate your retail accounts and credit card debt with a personal loan.
Choose a longer payback period. Choose monthly instalments lower than the monthly payments made to those accounts.
8. A good credit score doesn’t need extraordinary repaying of debt.
Just make the payments as they are required. Soon you will be eligible for further credit.